Department of Taxation - Other Initiatives

HB1153, SB971: RELATING TO CONFORMITY OF THE HAWAI`I INCOME TAX LAW TO THE INTERNAL REVENUE CODE
Promotes uniformity in the tax system by changing Hawai`i income tax law based upon amendments made to the Internal Revenue Code for calendar year 2008.

HB1154, SB972: RELATING TO TAX ADMINISTRATION
Ensures Hawai`i businesses and residents are paying their fair share of taxes by providing the Department of Taxation with resources to seek enforcement against non-compliant cash-based businesses. 

HB1155, SB973: RELATING TO TAX ADMINISTRATION
Deters tax fraud and promotes uniformity in the tax system by conforming Hawai`i tax law to the Internal Revenue Code for preparer penalties and accuracy-related penalties.

HB1156, SB974: RELATING TO HIGH TECHNOLOGY BUSINESS INVESTMENT TAX CREDIT
Amends the High Technology Investment credit, also known as Act 221, to align the statute to its original intent to encourage investment in innovative, research-oriented high technology companies that create jobs and promote economic diversification in Hawai`i.

HB1157, SB975: RELATING TO HIGH TECHNOLOGY BUSINESS INVESTMENT TAX CREDIT
Amends the High Technology Investment credit, also known as Act 221, to create an aggregate cap totaling $160 million from July 1, 2009 to December 1, 2010, on new credit claims.